Cryptos are getting into gaming. Well, gaming is getting into crypto.
Games maker Animoca Brands has finalized its $138.8 million capital raise through a second tranche of $50 million and their biggest investors are Coinbase and Samsung.
The new capital will be used to fund strategic investments and acquisitions, product development and licenses for popular intellectual properties.
Animoca inked a deal in 2019 with MotoGP rights holder Dorna Sports to develop and publish a race management game leveraging blockchain tech and custom smart contracts.
The company said its focus is to bring about digital property rights to video gamers and the metaverse through the use of blockchain and NFTs in order to establish play-to-earn models and digital asset interoperability.
This is an important development because if there is anyone that can move a crypto through leaps and bounds, it would be gamers.
Gamers are used to spending a lot of time online when they play. In most of the games they play, they are used to buying virtual items of any kind. The idea of tokenizing the economy seems natural to them. In addition, they are curious by nature, which will encourage them to test cryptocurrency projects that are part of their game world.
Cryptocurrencies targeting the gaming industry therefore have great potential since they are in a fast-growing market that already represents more than $150 billion in revenues in 2019 worldwide and could exceed $180 billion by 2021.
By way of comparison, the film industry will reach just $50 billion in revenues in 2021 while the music industry is expected to reach $22 billion in revenues. Reading these forecasts, it is clear why the gaming industry represents a sector full of promise for the future of cryptocurrencies.
So, if you are looking into investing or diversifying your crypto investments, look into cryptos involved in gaming.
But don’t forget the pillars of cryptos, Bitcoin, Ethereum, and Litecoin.
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